Record high exports of traditional commodities

Exports of traditional commodities for September totalled NOK 15.4 billion, up 22.8 per cent from September 1996. The figure is the highest ever recorded for one month. Exports of commodities including crude oil and natural gas totalled NOK 28.4 billion, 6.1 per cent higher than the same month last year. Imports increased by 12.8 per cent to NOK 21.2 billion, producing a trade surplus of NOK 7.2 billion for September.

Traditional exports of commodities increased by NOK 2.9 billion from September last year, and applies to a large number of commodity groups and products. Exports of metals and iron/steel contributed NOK 690 million in added value compared to September 1996. Exports of primary aluminium alloys rose NOK 302 million, while oil and piped gas exports increased by NOK 166 million. Refined mineral oil and gas products increased by NOK 516 million. Gasoline is the most important export commodity here, and the increase totalled NOK 208 million for this product. Heavy fuel oil and liquid propane made the next largest contributions.

Machinery and transport equipment products rose NOK 504 million, with transport equipment and telecommunications equipment each contributing nearly NOK 200 million and industrial machinery the rest.

Fish exports are still doing well, totalling NOK 2.5 billion in September, an increase of NOK 264 million or 13 per cent. Exports of split cod totalled NOK 144 million, an increase of NOK 59 million from September last year. The first nine months of the year have seen a six per cent increase in fish exports, boding well for yet another annual record. Organic and inorganic chemical products rose by NOK 158 million and fertilizer exports climbed NOK 65 million. Paper pulp is one of the few important commodity groups to show lower exports, sinking eight per cent so far this year.

Low oil and gas exports

Overall exports of crude oil and natural gas from the continental shelf totalled NOK 13 billion in September, down 1.2 billion kroner from September last year. Low exports of oil are mainly due to reduced activity in the Gullfaks field and are connected to late summer/autumn maintenance. If we look at the entire period from January to September, oil exports have, however, increased by eight per cent and natural gas by 20 per cent compared to the same period in 1996.

Over half of imports are machinery/vehicles and finished goods

Imports increased by NOK 2.4 billion in September compared to the same month last year. One commodity group, electricity, showed a significant decline from NOK 516 million in September 1996 to just NOK 8 billion in September this year. As with exports, the increase in imports is spread among many commodity groups and quite a few goods are manufacturing and transport industry inputs.

External trade with commodities, September 1997. Main figures.

Statistics are published every month in the Weekly Bulletin of Statistics and the Monthly Bulletin of External Trade. Detailed figures are available from Customer Services, External Trade, tel. +47 21 09 47 52/53 beginning Friday 24 October and will be published in the Monthly Bulletin of External Trade during Week 45. More information: Hans Kristian Østereng, tel. +47 21 09 47 13, e-mail: hko@lynx.ssb.no.

Weekly Bulletin issue no. 42, 1997